February 11, 2015

Market outlook

NIFTY is filling the gap even as it closes near 3 days' high. Now trading above 8650 spot will be strongly bullish this next 2 days.

Immediate support is at 8500 where we are seeing increasing put writing. Highest open interest however still remains at 9000 implying strong resistance.

EOD charts ... the arrow here refers to the "outside bar" candlestick which in current context is bullish. Trading above today's high will be a confirmation.

Intraday charts - difficult to do any intraday trade considering the strong gap resistance nearby.

Tomorrow, trading above 8650 spot will be bullish. Support 8595 spot.

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